The best Thunder Bay payday loan can be easy to find, providing you know what to look for. However, you will soon find you have many choices and not all of them are necessarily good.
So, how do you sort through the good and bad loans as well as the good and bad lenders? Just follow these 7 easy steps and you’ll be well on your way to finding precisely what you need.
Step 1: Choose a Licensed Online Lender
Many companies offer payday loans, but not all of them are great choices. Here are several reasons why an online loan through a licensed lender is best.
Benefits of an Online Loan
The most obvious benefit of an online payday loan is convenience. A good online lender has refined the loan process that is simple and fast, with access readily available.
Always look for an online lender that offers 24/7 applications. That way you can apply at anytime from any device, making it more convenient for you.
Furthermore, you will want to ensure that the lender conducts the entire lending process online. Some lenders start with an online application and then want you to finalize your paperwork at a branch or office.
Consequently, your best Thunder Bay payday loan comes from a lender with a 100% online loan process.
Benefits of a Licensed Lender
Legally, every lender in Ontario offering payday loans should have a license. However, some companies ignore this legality for several reasons.
First, an unlicensed lender may not be interested in issuing you a loan at all. Instead, they’re after your sensitive personal information. If they ger their hands on it, they can use it to obtain credit under your name.
Identity theft is a real and growing problem in Canada. Plus, it is expensive and time-consuming to resolve. As a result, both the Canadian and Ontario governments strongly advise against using an unlicensed lender. It is just too risky.
Besides risking your personal data, dealing with an unlicensed lender basically means you are forsaking your consumer protection rights. Since the lender doesn’t have a license, it is very difficult for government and consumer bodies to do much about any problems that could arise.
Additionally, unlicensed lenders aren’t bound by the limitations a licensed lender must follow. There are no limits on the types and amounts of fees, penalties, and interest rates they can charge you, which inevitably means you pay more. Additionally, they can use illegal methods to collect your outstanding loan.
Clearly, it doesn’t make sense to use an unlicensed lender, particularly when it is so easy to check whether they’re licensed, or not. Just use the Ontario Ministry of Government and Consumer Services website here to find out before you borrow.
Step 2: Check the Lender’s Loan Requirements
This step will quickly eliminate many lenders. Why? Most of them won’t tell you their requirements beforehand. Instead, they expect you to fill out an application form and wait.
This doesn’t make a lot of sense. Why would you waste your valuable time on an application if you can’t possibly qualify?
Fortunately, the best Thunder Bay payday loan offers transparency. You should know what is expected of you when you apply and during every step of the lending process.
Step 3: Your Best Lender Has a Quick Application Form
A definite indicator of a good lender is that they keep the application process simple. This starts with a streamlined application form that asks for basic information.
Steer away from any lender whose application form asks for information such as where you lived, worked, and banked over many years. A payday loan is for a relatively small amount of money, so there’s absolutely no need for them to go that far back.
As a result, the best Thunder Bay payday loan only asks for relevant, current information. Of course, they need to confirm your identity, but you shouldn’t have to take more than 15-minutes to complete an application form.
Step 4: Choose a Lender That Does Not Ask for Proof of Income
If a lender you are considering wants you to upload documents such as proof of income, you should look elsewhere. That isn’t necessary nowadays and it is downright inconvenient.
That’s particularly true if you need to get a letter from your employer or an income statement from your accountant. Even if you work a steady job, you would still need to dig up your last three pay stubs.
A good lender uses digital income verification instead. They also consider many income sources, not just employment. For instance, you may be able to qualify for the best Thunder Bay payday loan if you earn income through a pension.
Consequently, the best Thunder Bay payday loan lender considers various income sources. They also electronically confirm your steady, recurring direct deposit income. It’s fast, totally non-intrusive, and safe.
Step 5: A Good Lender Considers You for An Installment Loan Too
A payday loan doesn’t offer a huge amount of money. In fact, the maximum allowable payday loan in Ontario is 50% of the average of your last two income periods, up to a maximum of $1,500.
However, a few select lenders also consider your application to see if you qualify for an installment loan instead. If you qualify, you could have more time to repay and a potentially lower interest rate too.
Payday loans are an expensive form of credit and you usually have to repay your loan within weeks. Installment loans may offer up to 5 years to repay through regular, scheduled payments. Plus, if you ever need to borrow again, you’ll already have a rapport with the lender and the potential to access much more money.
Consequently, it is in your best interest to choose a lender that simultaneously reviews your application for both a payday loan and installment loan.
Step 6: Choose a Lender That Decides Quickly
The best Thunder Bay payday loan is through a lender that makes a decision on the loan quickly. You would think that is pretty normal today, but it’s not. Some lenders take days to get back to you. In the meantime, you wait.
A good lender uses an artificial intelligence assessment. This means you can expect a decision in minutes. If you’re pre-approved, the lender will also provide you with their terms for review. Read over what they’re offering and decide whether you want to move forward.
If not, it shouldn’t be a problem. A good lender uses a “soft” credit inquiry which does not lower your credit score.
If you want the loan, it is just a matter of accepting the terms. You’ll move onto the next step quickly.
Step 7: Electronic Contract Signing & Fast Funds Release
As discussed, many lenders want you to come in to sign your loan contract, even though you started the borrowing process online. That’s inconvenient and unnecessary.
Fortunately, a good online lender uses digital contract signing. Once you sign your contract electronically, it triggers the funds release process.
Obviously, a fast funds release is extremely important. You wouldn’t be going through the application process, unless you needed money quickly.
Luckily, the best Thunder Bay payday loan can get money into your hands within hours, if you sign your contract during business hours. Otherwise, you usually get funds early the next business day.
GoDay Offers the Best Thunder Bay Payday Loan
We’ve mentioned the 7 easy steps to the best Thunder Bay payday loan. Now, we want to show you why GoDay is your best lender:
- GoDay is a licensed Ontario payday loan lender
- We’ve issued payday loans since 2012
- We’re Canadian owned and operated – our customer service team includes Canadians, just like you
- Our loan process is 100% online – you never need to visit an office
- We accept applications 24/7
- Complete our form in under 15-minutes
- No proof of income
- GoDay considers many sources of steady, recurring income
- We automatically review of your application to see if you qualify for an installment loan
- No impact on your credit score
- We reveal your costs to borrow upfront
- Decision within minutes
- Quick funds release – in most cases GoDay will have the money in your bank account within an hour, providing you sign your loan contract during business hours. If you sign during the evening, weekend, or on a holiday, you will get your money as soon as possible the next business day.
- Direct bank deposit or Interac® Email Money Transfer (conditions apply).
- Toll-free number, chat, email, and website support as well as an in-depth FAQ section on website
- Member of the Canadian Consumer Finance Association, representing licensed payday loan lenders in Canada
- Over 2,100 reviews on TrustPilot, with an overall rating of “Excellent”
- Transparent lender – please see our loan requirements below.
GoDay’s Best Thunder Bay Payday Loan Requirements
GoDay is happy to provide you with our basic requirements for our best Thunder Bay payday loan:
- At least 18 years of age
- Canadian resident
- Permanent address
- Active account with a Canadian financial institution with at least three months of transactions
- Income paid through direct deposit (we consider many income sources including employment, self-employment, Old Age Security, private pensions, and the Canada Pension Plan)
- Valid email address
- Active cellphone or home telephone number
Whether you are ready to start the application process or want more information, please visit our website. We also provide more information on our Ontario payday loans here.
Let us show you why so many people agree we offer the best Thunder Bay payday loan available.
